Tivoli Midstream LLC, through subsidiary Tivoli Services LLC, closed a deal to acquire a crude oil pipeline system in Northern Texas (NTX) from affiliates of Phillips 66 Co. (PSX).
NTX consists of about 140 miles of crude oil gathering and transportation pipelines and storage capacity in the Barnett shale area of Northern Texas. The system, which extends through portions of Young, Archer, Clay, Jack, Palo Pinto, Wichita, and Stephens Counties, will be underpinned by a long-term transportation services agreement with Phillips 66, Tivoli said in a release Aug. 28.
In conjunction with the acquisition, Tivoli closed on an investment by Intrepid Investment Management LLC. Proceeds were used to fund the NTX acquisition and to provide growth capital.